If you are working on setting up an estate plan, or someone you care about has recently died, you may have come across the term “probate” when researching what comes next. Probate is a legal process that most estates – the assets that a deceased person has left behind – are subjected to before they can be distributed either according to the deceased’s wishes or state law (if no will was in place at the time of their passing).
Probate proceedings are usually filed in the county where the deceased person lived. The process begins with filing the will and a petition to open probate with the local court. From there, the court oversees each step of the administration to ensure compliance with legal requirements. Depending on the complexity of the estate, probate can take several months to over a year to complete.
What to expect
If a deceased person executed a valid will during their lifetime, the court reviews it to confirm its authenticity. The will typically names an executor, who is responsible for managing the estate. The executor’s duties include identifying and valuing assets, paying outstanding debts and taxes and distributing the remaining property to the named beneficiaries. If there is no will, the person is said to have died “intestate,” and the court appoints an administrator to perform similar duties. In that case, the estate is distributed according to the state’s intestacy laws.
Some assets, however, do not go through probate. These include jointly owned property with rights of survivorship, accounts with named beneficiaries (such as life insurance or retirement plans) and assets placed in a trust. These assets pass directly to the beneficiaries and are not subject to court supervision.
While probate provides a legal framework for settling an estate, it can sometimes be time-consuming and costly. Court fees, executor fees and legal expenses can reduce the overall value of the estate. That’s why some individuals choose to structure their estate plans to avoid or minimize probate, often through the use of living trusts or joint ownership arrangements.